💰 [Analysis] Use regulated stablecoins, get censorship – Tony Sheng

Gemini and Paxos announced regulated dollar-backed stablecoins that have gained approval from the New York Department of Financial Services. This is unlike most stablecoins that seek to be censorship-resistant. &nbsp On one hand, regulated stablecoins are bad in that they inherit unsound monetary policy, censorship of fiat money, and potential censorship of the issuing corporation. On the other hand, if regulatory approval is a hard requirement to participate in the trading of cryptocurrencies, then compliance might be a massive advantage for these regulated stablecoins. &nbsp Altogether, more regulated stablecoins are probably a net positive for crypto. They offer regulatory clarity, increased trust for new retail and institutional investors, and bring about discourse that highlights the costs of regulations.